Economists reason that the optimal decision is to continue any activity up to the point where the. C) increased income tax rates. B. stabilize the price level. Which of the following correctly describes the relationship between economic efficiency and economic equity? of disabled individuals to a less restrictive facility) also C) GDP rises by $125. How can a firm maximize profits, given the state of the economy? If a firm expects that the price of its product will be lower in the future than it is today a. A) The demand curve for inkjet printers shifts to the right. A) during a deep recession. b. The following macroeconomic projected return models =. Which of the following would increase the unemployment rate? Is very narrow endeavor Expansionary fiscal policy involves C) 3% A. C. maintain equilibrium in the Balance of Payments. d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. C. The money you spent on tuition for the class. This tax is sometimes referred to as Technological advancements have led to lower prices and an increase in the sale of color laser printers. C) productively efficient B. C) What factors determine the price of Oreo cookies? c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 B) remain the same. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Fill in the columns for the GDP deflator and for the percent . The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. A. Assume the punctuality random variable follows a binomial distribution. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A) Starbucks purchases coffee beans. C. society's output cannot be made available to all. Which of the following is a microeconomics question? The unemployment rate for the United States rose to 5 percent in the last quarter. A) the law of supply has been violated. c. It eliminates the need for abstraction or simplification To Liza, B) a natural disaster like a hurricane or bad earthquake. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Which of the following individuals would be most negatively affected by anticipated inflation? B. still have an economic problem. A. C. An increase in national defense is possible only if we produce more butter. b. B) above; shortage d. Public economics. D. The person who has the responsibility to coordinate all the markets in a market economy. Guns and butter can be produced using the same resources at the same time. How do you go about allocating your time in a given day among competing alternatives? B) there has been an upward movement along a demand curve. Getting the timing right with fiscal policy is generally _______________ Is a normative analysis D. constant opportunity costs as more and more of one good is produced. Should we have economic growth? B) ice cream and hot fudge and substitutes. Deadweight loss refers to It considers discouraged workers, and hence it is overstated. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. Which of the following is a positive macroeconomic statement: a. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. You have majored in computer science and, because of the recession, have difficulty in finding a job. C) entrepreneurship. B. spending, production and saving. c. Will a new type of electronic reader or tablet increase the number of buyers? B) by more than D) equal 20%. GDP is not a perfect measure of well-being because _________ A) decrease the measured unemployment rate. B. Which of the following is not one of the three core economic issues that must be resolved? A) a reduction in unemployment. A. B) when real GDP is above but close to potential GDP. C. consumers Laws and regulations. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). B) German GDP. Solve the Following Short-Essay Questions: Define demand. B) protect the environment. A) the willingness of consumers to purchase a product at different prices. Step-by-step explanation. A. unlimited wants exceed limited resources. a. C) The quantity of inkjet printers demanded increases. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. D. Average combinations of goods and services an economy can produce given its available resources and technology. D) decrease the number of persons in the working-age population. A) lower government purchases by an amount less than $200 billion. What goods and services to producehow will these goods and services be produced; and who receives them? D) Your father buys a new John Deere riding lawn mower. B) Persons who collect unemployment benefits report themselves to be searching for a job. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. A) falls; Marla's work takes place in the underground economy once she's married Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? b. Caveat emptor C. lawmakers in the government voting on what will be produced. C. decreasing opportunity costs as more and more of one good is produced. When the laws about civil commitment emerged, Which of the following is a macroeconomics question? B) Japan has abundant supplies of labor. A) above; surplus B. Macroeconomics Basics. C) The purchasing power of your salary remained constant between 2007 and 2016. Economists have shown that the burden of a tax is D) The purchasing power of your salary increased between 2007 and 2016. Suppose a drought resulted in a major reduction in the California lettuce crop. A) real GDP If market signals result in pollution beyond the optimal level, then The demand for bottled water by individuals. A) taxes; interest rates a. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. C. unlimited resources exceed limited wants. ___________ (movement of disabled individuals out C) GDP deflator D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Which of the following is an example of spending on goods and services in the circular flow model? Maximum combinations of goods and services an economy can produce given its available resources and technology. A. B. Compose a sentence using the following word. D. The best alternative use of your time. D) 3.5% C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. Which one of the following is not a key people behind macroeconomics? A) the value of output in 2015 was around $17.3 trillion. Opportunity cost Micro Economic 100% (3) 6. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. Question 01. A. do not have an economic problem. C) cyclical unemployment B. in the blanks. C) not change GDP. Compared to their pre-trade positions, trade makes both countries better off because in each country Greater production means factor prices rise. B) The supply curve will shift to the right. Producers are using inventory faster than it can be replaced. meaning severe emotional or thought disturbances b. C. marginal revenue A) U.S. GDP. d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except The government should reduce the tax burden to help small business. B) increases; decreases d. identify possible solutions. C) risen; risen If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? B) the value of the time spent on line. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring The size of the underground economy would tend to increase if the government of a country ________________ E. pure profit. D. the choices people make to attain their goals, given their scarce resources. b. C) disposable personal income plus depreciation plus personal taxes. Required use of pollution control technology that is obsolete. B) The quantity of traditional camera film demanded decreases. Answer: B Use the following diagram to answer questions 36-39: 36. answer choices. Suppose that nominal GDP in 2016 was less than real GDP in 2016. C) by the same amount as C) decrease; more Bureaucratic delays The tuition you pay Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Macroeconomics Multiple Choice Questions 1. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. Automatic stabilizers refer to This month, the company supplied the same quantity of binders at $4 per unit. A) technological advancement in the production of electric car batteries. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. C) builds another assembly plant in the United States. This means ______. The real rate of interest is ______________ B) total income in 2015 was around $17.3 trillion. C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. A. B. What are some of the causes of desertification? Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Calculate the predetermined overhead allocation rate for each activity. D) the same whether the tax is collected from the buyer or the seller. A. producing more of one good means less of another good can be produced. Microeconomics focuses on supply and demand . E. consumers and firms choosing which goods and services to buy or produce. Answer: (D) The economy as a whole. During a business cycle expansion, total production ________ and total employment ________. Which of the following best describes an assumption economists make about human behavior? D. Al of the choices are correct. b. select the best possible solution. D) an increase in the labor force. C) the unemployment rate decreased. Let us now understand how it is different from Microeconomics. C) below; surplus Is justified by the superiority of lassiez faire over government intervention. Bill Gates does not face scarcity because he is a billionaire The economy may be in equilibrium. Which of the following is a macroeconomics question? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. A. producing more of one good means less of another good can be produced. b. Nonetheless, you continue along your career path looking for a new job because _____________ C) frictional Dear Friends, We are posting prelims marathon MCQs for today. A) the nominal interest rate plus the inflation rate. Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. ii. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? Explore the definition and types of economics including microeconomics and macroeconomics and. B) structural Economics teaches how to limit our wants. How has the discovery of oil in the Niger delta affected Nigeria's environment? Which of the following is a macroeconomics question? The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." C. economies of scal. D) legalized marijuana. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? D) a decrease in the quantity supplied. b. \hline\\ B) movement along the demand curve due to a change in relative prices. Which of the following is a microeconomics question? How does this affect the market for traditional inkjet printers? D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. D) both U.S. GNP and German GDP. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A) The demand curve for traditional camera film shifts to the right. Determine the following. D. the government, consumers, and producers Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. C) increasing the money supply and decreasing interest rates. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending B) substitution D. The government is allocating resources inefficiently. C) there is a decline in the price level. Which of the following economic activities are included in the subject-matter of Economics? A. producing more of one good means less of another good can be produced. D) The demand curve will shift to the left. The term economic system refers to the way in which a society organizes the production and distribution of good and services. a. ________ and ________ are the largest sources of revenue collected by the federal government A. it allows countries to exploit their comparative advantage, more fully. D) having an absolute advantage. Explain. D) above the market wage, causing labor demand to be less than labor supply. E. consumers and firms choosing which goods and services to buy or produce. Factors of production and price signals. D) decreasing the money supply and increasing interest rates. B) increased income tax rates. Inefficient bureaucracy. D) there is a decrease in the expected rate of inflation. The purchasing. This problem has been solved! c. The alternative uses of time you spend studying What is the probability that they all will be late? C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. D) lower taxes by $200 billion. A) cyclical Micro Economic 100% (2) 176. It is an example of the coincidental fallacy 1. B. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). (a). B) high unemployment rates do not usually last for very long. Economics is the study of the ________ people make to attain their goals, given their________ resources. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. D. macroeconomics. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not B) change; underestimates Minimum wage laws cause unemployment because the legal minimum wage is set C) total spending in 2015 was around $17.3 trillion. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? B) relative abundance of labor and capital. A shift inward of the production possibilities curve. D) the working-age population increased. B) a union contractor whose pay is adjusted based on changes in the CPI However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. C) an increase in unemployment insurance payments The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . B) in non-licensed shops and warehouses. Consumption of cigarettes. It is an example of the post hoc fallacy C. how to make money in the stock market. D) Producer surplus measures the total benefit received by producers from participating in a market. A) decreased government regulations on businesses. D) The demand curve for traditional camera film shifts to the left. Step-by-step explanation. D) people do not find jobs instantaneously. Show more. A. Which of the following transactions represents the purchase of a final good? although this definition differs from state to state. B) will raise disposable income and lower spending. The conclusion of this statement: B) an increase in supply. A devaluation of the U.S. dollar would increase exports from the United States A. National income is equal to C) U.S. GDP. Choose the correct option. View Answer The key. A) urniture Cutting taxes _______ B) the sum of consumer and producer surplus. D) the value of all cars produced by Nissan in Japan and the United States. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. B. C. Optimal marginalism e. variable cost reduction. D. None of these choices are correct. B) Individual income taxes; social insurance taxes B. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy C) the value of all cars produced by Toyota in the United States B) increase the measured labor force participation rate. C) the price of sailboats increased and the quantity of sailboats demanded decreased." A. A. C. For whom should goods and services be produced? C. Should the government prevent the merger of two large firms? B) GDP is not adjusted for pollution. ECO111 Quizz 01 FALL 2021. A. C. the economy as a whole. More teenagers enter the labor force. The output of U.S. citizens who work in Canada would be included in the _____________ Works through central planning by government. D) unemployed persons falsely report themselves to be actively looking for a job. D) depreciation. of mental institutions) and ___________ (movement D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ C. Want the goods and services the most. A) Governments interfere with the market mechanism to influence the allocation of goods and services. A) inflation. The higher price caused the supply of sailboats to increase.". A) higher; higher A. gross earnings D) ceteris paribus. D) ice cream is a normal good and hot fudge is an inferior good. D) out of the labor force. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? E) too low. B) Yes, the recession will lower income in my field permanently. What determines the growth rate of gross domestic product? B) explicit He faces scarcity because his resources are unlimited C. Market success. Depreciation is _________ C. Relies on the use of central planning by private firms rather than the government. b. real costs. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. All of the following events would have this effect except C) consumer surplus is minimized A. E) Discouraged workers are counted as unemployed. Which of the following best defines economics? C) GDP is adjusted for changes in crime rates. An outward shift of a nation's production possibilities frontier can occur due to If inflation over the year is 2%, what is the real interest rate you are paying? Which of the following is not a durable good? If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? b. A technological advance would best be represented by A) Many full time workers really want to be part time workers. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} Q. (c). B) The Federal Reserve cuts interest rates to stimulate the economy. Combinations of production that are unattainable, given current technology and resources. The opportunity cost of studying for an economics test is B) made over-the-counter drugs illegal. D. a country's population is larger than its resource base. A) greater on the buyer when the tax is collected from the buyer. Equity Flow (1) represents: A) wage, rent, interest, and profit income. D) Unlike positive economic analysis, normative economic analysis can be tested. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. To reduce the bias in the consumer price index, the Bureau of Labor Statistics B) taxes; the money supply B. B) those that lend money lose. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. . b. Government directives are likely to do a better job of allocating resources than markets. D) gross national product of Canada and the gross national product of the United States. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. C. Production of nonmilitary goods will decrease. D. Allocative efficiency. D) decreases; decreases. B) unemployed d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics Which of the following statements is false? A. A production possibilities curve indicates the Refer to the above diagram. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. Full employment is not considered to be zero unemployment, because C) shift of the demand curve due to a change in purchasing power brought about by the price change. The doctrine of lassiez faire is based on the belief that D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? A) buys a new robotic machine (from a plant in Ohio) to assemble cars. This means. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. B. marginal benefit equals the marginal cost. B. Undiscovered natural resources. D) GNP plus depreciation. D) They are included only if they are imported, Which of the following are not considered part of government purchases? Why is the economy of India growing? They've told our detectives they have no interest in ever putting in the barriers.". According to a deputy commissioner of police, "Commerce does very little of what we recommend. C) people employed in the underground economy In 2015, the U.S. auto industry experienced rising sales. D. the choices people make to attain their goals, given their scarce resources. a. B) consumption; investment If a minimum wage of $15 per hour is imposed, which of the following will occur? Which field of economics deals primarily with the problems faced by low-income countries? B) adds 1,000 new cars to inventories. These firms are reacting to which of the three key economic ideas?
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